Rafter Demon

Spectacle doesn't change when you can cast the spell. For example, you can't cast a sorcery with spectacle during an opponent's turn unless another effect allows you to do so, even if that player has lost life this turn.

In a multiplayer game, if an opponent loses life and later that turn leaves the game, you can cast a spell for its spectacle cost. (If a player leaves the game during their turn, that turn continues without an active player.)

Spectacle cares only that an opponent lost life during the turn, not that the opponent's life total is currently lower than it was. For example, if an opponent loses 1 life and then gains 2 life in the same turn, you can cast a spell for its spectacle cost that turn.